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SoFi Auto Loan Calculator, Interest Rates & Overview

Updated 26 November 2023

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SoFi auto loans overview

SoFi provides flexible personal loans that can help you with car financing. You can borrow up to $100,000 and choose terms of up to 84 months. On top of competitive loan offers, you can enjoy fast funding times, no fees, and rate discounts.

Want to see what a SoFi auto loan will cost? Try the SoFi auto loan calculator below! All you have to do is enter your desired loan amount and term to see an estimate. You can use the calculator to adjust your loan amount and term to see how it might affect your monthly repayments.

Key SoFi auto loan features

Minimum loan amount: $5,000.
Maximum loan amount: $100,000.
Interest rates: 8.99% to 25.81% APR.
Loan terms: 2 to 7 years.
Loan fees: No origination fees.
Discounts: Autopay and direct deposit discounts.

SOFI AUTO LOAN OPTIONS

Personal loans

SoFi doesn’t offer auto loans, but you can apply for a personal loan to purchase your dream ride. Interest rates can range from 8.99% to 25.81% APR. Plus, you can pay your loan from 24 to 84 months. Remember though that you can’t use the funds for business purposes, real estate, securities and investments, post-secondary education, or short-term bridge financing.

SoFi auto loan calculator

Loan amount

Term

Provider

Product Information

EST Monthly
Repayment

Interest
Rate

Repayment
Period

Loan
Amounts

Sort loans by

Loan Amount

$25,000

Term

60 months

Change

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Featured

Achieva - New Auto Loan

Estimated Month Repayments

$437 Inclusive of fees

Interest Rate

1.89%
APR

Repayment Period

12 months
to 84 months

Loan Amounts

$5,000
to $100,000

GO TO SITE

Low fixed interest rates. Flexible terms. Same-day approvals. No hidden fees.

Featured

Bank of America auto loan

Estimated Month Repayments

$595 Inclusive of fees

Interest Rate

15.00%
APR

Repayment Period

12 months
to 72 months

Loan Amounts

$5,000
to $100,000

GO TO SITE

Get a low interest rate Bank of America auto loan

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Minimum and maximum loan periods vary between 1 month and 10 years. Annual Percent Rates (APR) vary between 4.99% and 35.99% p.a. Total interest repayments vary between $592 and $916 over the life of the loan. *APR is based on an unsecured loan of $20,000 over a term of 3 years. WARNING: This APR is true only for the examples and may not include all charges. Different terms, fees or loan amounts might result in a different APR. These rates can change without further notice.

How to apply for a Sofi auto loan

Eligibility criteria

18 years old or older
US citizen, permanent resident, or non-permanent resident
Reside in one of SoFi’s eligible states
Employed, have a reliable income, or have an employment offer and start within the next 90 days

Lenders generally give the most favorable interest rates to applicants with credit scores in the good range (670-739) or higher. So, consider improving your credit standing before you apply. This will help you have more lending opportunities and secure better loans from SoFi.

What you’ll need to have ready

Personal details

When you apply for auto financing with SoFi, you’ll be asked to provide personal information such as:

An email address
Your full name
Address
Social Security number
Employment information
Income details
U.S. citizenship status
A list of monthly expenses

Documents

You may need to provide SoFi with additional documents to complete your loan request. These documents may include a purchase agreement or bill of sale, car registration and title, instructions for buying out a lease, proof of income (such as federal tax returns and W-2s), and financial statements.

If you plan to refinance through one of SoFi’s partners, you need to provide details about your vehicle, too. These may include the vehicle identification number (VIN), license plate number, make, and model of your vehicle.

Ways to apply for a SoFi auto loan

Apply online by clicking the GO TO SITE link in the table below
Visit a branch
Call (855) 456-7634

Additional SoFi auto loan details

Automatic payment: Available.

Loan approval times: Undisclosed, but SoFi loans may take a day or more based on your application.

Rate discounts: 0.25% interest rate reduction with autopay and 0.25% direct deposit rate discount.

Repayment frequency: Monthly.

Late payment fees: None.
Prepayment penalty: None.

Co-borrowers allowed: Yes.
Co-signers: Not allowed.

Hardship program: Unemployment Protection Program available. (Learn more)

Ways to repay: Mobile app, online banking, ACH, automatic payments, and by mail.

Vehicle restrictions and limitations

Maximum vehicle age: Undisclosed.
Maximum vehicle mileage: Undisclosed.
Other vehicle restrictions: Undisclosed.

PROS AND CONS

Pros

Flexible repayment terms.
No origination fees, late fees, and prepayment penalties.
0.25% rate reduction with autopay.
0.25% direct deposit discount.
Joint applications allowed.
Fast funding times.
Fixed interest rates for easier budgeting.
No collateral needed.
Convenient online application.
Soft credit check offered.
Personal loan and auto loan refinance allowed.

Cons

Lack of auto loans.
Co-signers not allowed.
Borrowers should reside in one of SoFi’s eligible states.
Higher range of interest rates.

FREQUENTLY ASKED QUESTIONS

Does SoFi offer auto loans?

SoFi doesn’t offer loans specific for auto purchases, but you can get a personal loan to finance a vehicle.

How much interest rate does SoFi charge on auto loans?

SoFi’s personal loans have rates ranging from 8.99% to 25.81% APR.

Are SoFi car loan interest rates fixed or variable?

A SoFi loan comes with fixed interest rates.

What is the maximum loan term of a SoFi vehicle loan?

You may secure a loan term of up to 84 months or 7 years.

Does SoFi refinance vehicle financing?

You can refinance your car loan through one of SoFi’s partners.

Where can I apply for a SoFi auto loan?

SoFi offers quick and easy online auto loan applications.

What information do I need to provide when applying for a SoFi car loan?

To apply for a personal loan, you need to indicate your personal and loan details, like your name, Social Security number, current address, and more. SoFi will verify your income and employment, too.

Will applying for an auto loan with SoFi affect my credit score?

If you want to check the rates and terms you qualify for, a soft credit check won’t affect your credit score. But if you continue with your application, SoFi will run a hard credit check, which will impact your credit.

How long does it take for a SoFi auto loan to be paid into my account?

You may receive your personal loan on the same day once you’re approved.

Video: What would you use a personal loan for? | SoFi

Carla Soto

Carla is a skilled copywriter at BestFind with a background in marketing and communications. She specializes in reviewing personal loan and finance products to help readers navigate the complex world of personal finance.